The Italian energy group Eni has reached an agreement to sell partial interests of certain of its assets in Côte d’Ivoire and the Republic of Congo to the energy and commodity trading company Vitol. According to the agreement, Vitol will acquire a 30% participating interest from Eni’s 77.25% ownership interest in the 600 kboe/d Baleine project in Côte d’Ivoire, and a 25% participating interest from Eni’s 65% participating interest in the 1 bcm/year Congo LNG in the Republic of Congo. The partnership expects to close the $1.65bn deal as soon as possible, considering that it is still subject to preceding conditions, including all the relevant regulatory approvals.
The giant Baleine oil and gas field, discovered in September 2021, is said to hold estimated reserves of 2.5 Gbl (335 Mt) of oil and 3.3 tcf (93.4 bcm) of associated gas; once its third phase is complete, it is expected to reach a production of up to 150 kb/d of oil and 200 mcf/d (2.1 bcm/year) of gas. The Congo LNG project started exporting liquefied gas in February 2024, and is expected to raise its gas exports to 4.5 bcm/year once its second phase starts operating at the end of 2025. Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana.
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